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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2025:

		Number of Shares Underlying Outstanding Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (Years)
Outstanding — December 31, 2024			18,077,869			$	1.75				6.0
Options granted			1,637,000			$	10.17
Options exercised			(1,904,995	)		$	1.04				0.0
Options forfeited and cancelled			—
Outstanding — June 30, 2025			17,809,874			$	2.60				5.9
Exercisable — June 30, 2025			15,640,870			$	1.58				5.4

Summary of Weighted-Average Grant Date Fair Value of Options and The Assumptions Used to Estimate Those Fair Value for Time-Based and Performance-Based Awards

The following table shows the weighted-average grant date fair value of options and the assumptions used to estimate the fair value for time-based awards, and for performance-based awards during the three and six months ended June 30, 2025 and 2024:

		Three Months Ended June 30,						Six Months Ended June 30,
Time-based and performance-based awards		2025				2024		2025				2024
Weighted-average grant-date fair value		$	7.01			n/a		$	7.32			$	17.86
Risk-free interest rate (%)		3.92% - 4.09%				n/a		3.92% - 4.40%					4.2	%
Expected option life (in years)		5.27 - 6.08				n/a		5.27 - 6.41					6.0
Expected dividend yield (%)			—	%		n/a			—	%			—	%
Volatility (%)		81.5% - 84.3%				n/a		81.5% - 84.3%					84.3	%

Summary of Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized was as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
General and administrative		$	830			$	16			$	1,337			$	27
Cost of revenue			47				—				47				—
Selling and marketing			29				—				29				—
Total stock-based compensation expense		$	906			$	16			$	1,413			$	27

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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